Essex Financial Services Inc. Increases Holdings in Tesla, Inc. (NASDAQ:TSLA)

Essex Financial Services Inc. raised its holdings in shares of Tesla, Inc. (NASDAQ:TSLA) by 0.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 33,273 shares of the electric vehicle producer’s stock after acquiring an additional 144 shares during the period. Essex Financial Services Inc.’s holdings in Tesla were worth $8,705,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in TSLA. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in Tesla by 60.2% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 549,008 shares of the electric vehicle producer’s stock valued at $108,638,000 after acquiring an additional 206,248 shares during the period. Morse Asset Management Inc increased its position in shares of Tesla by 138.1% in the second quarter. Morse Asset Management Inc now owns 5,969 shares of the electric vehicle producer’s stock valued at $1,181,000 after acquiring an additional 3,462 shares during the period. NewEdge Advisors LLC raised its stake in shares of Tesla by 12.9% during the second quarter. NewEdge Advisors LLC now owns 236,802 shares of the electric vehicle producer’s stock valued at $46,858,000 after acquiring an additional 27,130 shares during the last quarter. Entropy Technologies LP purchased a new stake in shares of Tesla during the first quarter worth about $1,941,000. Finally, Symmetry Investments LP grew its stake in shares of Tesla by 326.6% in the second quarter. Symmetry Investments LP now owns 8,536 shares of the electric vehicle producer’s stock worth $1,689,000 after purchasing an additional 6,535 shares during the last quarter. 66.20% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Tesla

In related news, CFO Vaibhav Taneja sold 8,000 shares of the company’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $250.00, for a total transaction of $2,000,000.00. Following the completion of the sale, the chief financial officer now owns 105,032 shares in the company, valued at approximately $26,258,000. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Tesla news, CFO Vaibhav Taneja sold 8,000 shares of the business’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $250.00, for a total transaction of $2,000,000.00. Following the completion of the sale, the chief financial officer now directly owns 105,032 shares in the company, valued at $26,258,000. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Xiaotong Zhu sold 297 shares of the stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $221.77, for a total transaction of $65,865.69. Following the completion of the transaction, the senior vice president now owns 67,491 shares in the company, valued at $14,967,479.07. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 25.10% of the company’s stock.

Tesla Stock Performance

Shares of NASDAQ TSLA opened at $269.19 on Friday. The firm’s 50-day moving average price is $230.53 and its 200-day moving average price is $207.67. Tesla, Inc. has a 52-week low of $138.80 and a 52-week high of $271.00. The company has a market cap of $858.50 billion, a PE ratio of 68.67, a PEG ratio of 6.24 and a beta of 2.29. The company has a quick ratio of 1.40, a current ratio of 1.91 and a debt-to-equity ratio of 0.08.

Tesla (NASDAQ:TSLA) last issued its earnings results on Wednesday, October 23rd. The electric vehicle producer reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.14. Tesla had a net margin of 13.00% and a return on equity of 10.41%. The company had revenue of $25.18 billion for the quarter, compared to analysts’ expectations of $25.47 billion. During the same quarter last year, the company posted $0.53 earnings per share. The firm’s quarterly revenue was up 7.8% on a year-over-year basis. As a group, analysts anticipate that Tesla, Inc. will post 1.75 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts have weighed in on TSLA shares. Bank of America increased their price objective on Tesla from $255.00 to $265.00 and gave the stock a “buy” rating in a report on Thursday. Truist Financial lifted their price target on shares of Tesla from $236.00 to $238.00 and gave the company a “hold” rating in a report on Thursday. Piper Sandler upped their price objective on shares of Tesla from $310.00 to $315.00 and gave the stock an “overweight” rating in a report on Friday. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $245.00 target price on shares of Tesla in a research note on Wednesday. Finally, Argus reissued a “buy” rating and issued a $286.00 price target on shares of Tesla in a research note on Friday, July 26th. Eight research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat.com, Tesla currently has an average rating of “Hold” and an average target price of $219.00.

Tesla Company Profile

Tesla, Inc designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, and internationally. The company operates in two segments, Automotive, and Energy Generation and Storage. The Automotive segment offers electric vehicles, as well as sells automotive regulatory credits; and non-warranty after-sales vehicle, used vehicles, body shop and parts, supercharging, retail merchandise, and vehicle insurance services.